Answered: Describe current operational management…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

See similar textbooks

Related questions

Question

Describe current operational management processes in banking and identify areas of concern and areas of opportunity as regards Global warming and Sustainability.

Expert Solution

Introduction

Operation refers to day to day activities. Operational management refers to the management of all activities that function in day to day basis. It refers to converting the material to finished goods and services by increasing the qualitative and quantitative efficiency of the business processes that are operational in nature.

Explanation

Operations management in banking:

Operations management nowadays is required in every organization; it helps the banking and trading sector to analyze the financial trends and helps in addressing cost optimization and requirements of a growing business.
Banking operations have changed from labour intensive to now fully automated operations.
Operations management helps the banking sector in analyzing the data and information, address the problems and create the solution in theory and practical approach.

Impact of sustainability and global arming on business:

Climate change include both global warming and human's producing the greenhouse gases.
Climate change plays an important role in the day to day business operations, for agriculture sector climate is the key factor.
Frequent weather changes happen very often nowadays, all the business sectors have considered climate change a big reason for financial unsuitability.
Climate change has a great impact on the business when the change in weather creates a barrier for the transport to carry the goods from the manufacturer towards the businessmen, the change in customer's taste and preferences frequently due to the climate change is very difficult to forecast now.

Step by step

Solved in 3 steps

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, management and related others by exploring similar questions and additional content below.

Similar questions